Cryptocurrency researcher ZachXBT has revealed that two smart contracts linked to European stablecoin issuer StablR have potentially been compromised. According to ZachXBT, the attack could put approximately $10 million worth of EURR and USDR stablecoins at risk.
According to the information shared, the address used by the attacker received funding via CCTP transfers made on the Noble network. In an update following the incident, ZachXBT said it helped freeze an amount worth approximately “six figures.”
On the other hand, the attack was stated to have continued until around 3 hours after it was announced, and ZachXBT suggested that the StablR team was “probably asleep” at that time, thus delaying the response.
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Following these developments, stablecoins EURR and USDR have significantly lost value against the dollar. It was reported that the value of both stablecoins fell by more than 20%, experiencing a serious decline.
While the USDR appears to have regained its peg to the dollar at the time of writing, the EURR has still largely lost its peg to the euro.
*This does not constitute investment advice.
